Via Email

Dear Tracy:

    This letter agreement shall set forth the terms upon which you would transition your employment to Lazard Group LLC (“Lazard”) as a Managing Director and Chief Financial Officer.

1.Position: Managing Director and Chief Financial Officer, effective on February 1, 2026 (the “Effective Date”), subject to (a) your having returned a signed copy of this letter agreement, and (b) your commencement of services as Chief Financial Officer of Lazard on the Effective Date. Your primary location of work shall be in Lazard’s New York office, with it being understood that you will travel as reasonably needed to perform the business affairs of your position.

2.Base Compensation: You will receive a salary at the rate of $750,000 per annum, which will be paid semi-monthly on the business day prior to the 15th and the business day prior to the last day of each month, while you remain employed.

1.Discretionary Bonus: As long as you remain employed by Lazard and have not given notice of resignation on or prior to the date that payments are made, you will be eligible to receive an annual bonus in an amount determined in the sole discretion of the Compensation Committee of the Board of Directors of Lazard, Inc., on the same basis, on the same terms, in the same form, and paid at the same time as other executive officers of Lazard, Inc.

3.Status as “At Will” Employee: At all times, you will be treated as an “at will” employee who can be terminated at any time for any reason or no reason at all. Notwithstanding the foregoing, you agree to provide Lazard with three months’ written notice of your intent to terminate your employment with Lazard.

4.Non Competition; Non Solicitation of Clients and Employees: You agree that while employed by Lazard and thereafter until three months after you leave Lazard for any reason, you shall not, directly or indirectly, on your behalf or on behalf of any other person, firm, corporation, association or other entity, as a Managing Director, employee, director, advisor, partner, consultant or otherwise, provide services or perform activities for, or acquire or maintain any ownership interest in, a “Competitive Enterprise.” For purposes of this agreement, “Competitive Enterprise” shall mean a business (or business unit) that (x) engages in any financial advisory, investment banking, restructuring, shareholder/investor advisory, private capital/funds advisory, geopolitical advisory, private equity, asset management, wealth/family office management or hedge fund management activity (each, an “Activity”)or (y) owns or controls a significant interest in any entity that engages in any Activity, that in either case, is similar to an Activity in which Lazard or any of its affiliates (collectively, the “Firm”) is engaged up to and including your departure date from Lazard (a “Competitive Activity”). You also agree that while employed by Lazard and thereafter until three months after you leave Lazard for any reason, you shall not, directly or indirectly, (i) solicit a Client to transact business with a Competitive Enterprise in respect of a Competitive Activity or to reduce or refrain from doing any business with the Firm, or (ii) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and a Client. For purposes of this agreement, the term “Client” means any client or prospective client of the Firm to whom you provided services, or for whom you transacted business, or to whom you knew that other individuals associated with the Firm had provided services, whether or not the Firm has been engaged by such Client pursuant to a written agreement; provided that an entity which is not a client of the Firm shall be considered a “prospective client” for purposes of this sentence only if the Firm made a presentation or written proposal to such entity during the 12-month period preceding your termination date or was preparing to make such a presentation or proposal at the time of your termination. In addition, you agree that while employed by Lazard and thereafter until six months after you leave Lazard for any reason, you shall not, directly or indirectly, for yourself or on behalf of any third party at any time in any manner, solicit or otherwise cause any employee, officer or agent of Lazard or any of its affiliates to apply for, or accept employment with, any Competitive Enterprise, or to otherwise refrain from rendering services to Lazard or any of its affiliates or to terminate his or her relationship, contractual or otherwise, with Lazard or any of its affiliates, other than in response to a general advertisement or public solicitation not directed specifically to employees of Lazard or any of its affiliates. For purposes of this agreement, the term “solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, persuading, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action.

5.Benefits: You will remain eligible for health and other insurance benefits coverage with Lazard.

6.Withholding: Lazard may withhold from any amounts payable under this agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

7.Integration: You represent and warrant that, in accepting this offer, you are not relying on any representations to you by Lazard regarding this offer of employment or the terms and conditions of your anticipated employment as Chief Financial Officer of Lazard except as expressly set forth in this letter agreement. This letter agreement contains the entire understanding and agreement between you and Lazard concerning the terms and conditions of your employment as Chief Financial Officer of Lazard, and supersedes all prior agreements, understandings, discussions, negotiations, and undertakings, whether written or oral, between you and Lazard regarding your employment as Chief Financial Officer of Lazard. The terms of this letter agreement may not be amended orally. The terms of this letter agreement may only be amended if such an amendment is agreed to in writing and is signed by you and Lazard.

8.Governing Law; Arbitration: This letter agreement and any claim related directly or indirectly to this letter agreement shall be governed and construed in accordance with the laws of the State of New York (without giving regard to the conflicts of law provisions thereof).  All disputes, controversies and claims arising out of or relating to this letter agreement or any breach or termination or alleged breach or termination of this letter agreement shall be submitted to binding arbitration administered by JAMS in New York before a single arbitrator and pursuant to the rules of JAMS then in effect.

9.Conditions of Offer: This letter constitutes an offer of employment with Lazard on the terms and conditions contained herein. You may accept this offer, and it shall become a binding agreement between us, by returning an executed copy of this letter to Lazard. Subject to the satisfaction of the conditions set forth herein and provided that prior to the Effective Date you have not done anything that would serve as the basis for a termination for cause, your employment under this letter agreement will commence on the Effective Date.

Please do not hesitate to contact me if you have any questions.

    Lazard Group LLC

    

						By: /s/ Christian A. Weideman
						Christian A. Weideman
						General Counsel
AGREED TO AND ACCEPTED:
/s/ Tracy Farr
Tracy Farr
Date: January 28, 2026

    

    Re: Leadership Transition

Dear Mary Ann:

This agreement (this “Transition Agreement”) confirms our understanding regarding the transition of your employment with Lazard, Inc. (along with its affiliates, the “Company”). Reference is made to your Amended and Restated Agreement Relating to Retention and Non-Competition and Other Covenants, dated as of August 23, 2023 (the “Retention Agreement”). Capitalized terms used but not defined herein will have the meanings ascribed to such terms in the Retention Agreement.

1.Service Through Transition Date. Your service as Chief Financial Officer of the Company will continue through January 31, 2026 (the “Transition Date”). In accordance with the Retention Agreement, effective as of the Transition Date, you shall be deemed to automatically resign as a director, member or officer of the Company and as a member of any committee of the Company or any board of directors, board of managers or special subcommittee thereof, and you agree to execute any and all documentation of such resignations upon request by the Company. From the date hereof until the Transition Date (the “Transition Period”), you will continue to (i) receive your base salary at its current rate, (ii) participate in the Company’s benefit plans and programs in accordance with their terms through the Separation Date and (iii) be eligible to vest in your outstanding equity-based awards of the Company (the “Equity-Based Awards”). During the Transition Period, the Company hereby agrees not to terminate your employment for any reason except for Cause. For the avoidance of doubt, as of the date of this agreement, the Company is not aware of any events that would constitute Cause.

2.Senior Advisor; Advisory Period.

a.Effective as of the Transition Date, you will no longer be deemed an executive officer of the Company, but you agree to continue full-time employment with the Company as Senior Advisor to the Chief Executive Officer of the Company (“Senior Advisor”) through June 30, 2026 or, if earlier, upon your death or Disability, upon your voluntary termination of employment after giving the Company thirty (30) days prior written notice of resignation (the “Notice Requirement”), or upon your termination by the Company for Cause (such date, the “Separation Date” and such period, the “Advisory Period”). For the avoidance of doubt, any reference to your employment duties for purposes of the Cause definition in the Retention Agreement will, during the Advisory Period, refer to your duties hereunder as Senior Advisor.

b.While serving as Senior Advisor, you will provide advice and such services as may reasonably be requested by the Chief Executive Officer of the Company (or his designee) from time to time. Such services may be provided remotely except as otherwise mutually agreed.

c.While serving as Senior Advisor, you will continue to (i) receive your base salary at its current rate, (ii) participate in the Company’s benefit plans and programs in accordance with their terms through the Separation Date and (iii) be eligible to vest in your outstanding Equity-Based Awards. You will not be eligible to participate in any annual bonus or other discretionary bonus program in respect of fiscal year 2026.

d.The Company agrees that you will be permitted to have discussions related to your future career and professional endeavors and such discussions including, without limitation, applying, interviewing for or accepting other employment (provided such other employment does not commence prior to the expiration of the Advisory Period, unless otherwise agreed), will not be deemed to violate any of the Continuing Obligations pursuant to Section 5 hereof. Notwithstanding the foregoing, nothing in this Section 2.d shall relieve you of your obligations to comply with the applicable policies of the Company, including with respect to outside activities, during the Transition Period and Advisory Period.

3.Payments upon Termination. Subject to your compliance with the Notice Requirement and provided your employment is not earlier terminated by the Company for Cause, the Company acknowledges and agrees that the termination of your employment as of the Separation Date will constitute (i) a Qualifying Termination prior to a Change in Control for purposes of the Retention Agreement, entitling you to the corresponding payments and benefits under the Retention Agreement, subject to and in accordance with the terms thereof (including, for the avoidance of doubt, execution and non-revocation of the release of claims contemplated by the Retention Agreement, which is attached as Exhibit A (the “Release”)), and (ii) a Termination of Employment by the Company other than for Cause (or such phrase of similar import) for purposes of your outstanding Equity-Based Awards, and for purposes of the payments in your Retention Award Letter Agreement dated February 2, 2024, which will be treated in accordance with the applicable terms thereof; provided, however, that you will not be eligible to receive a pro rata bonus payment in respect of 2026. For the avoidance of doubt, (i) the Average Bonus for purposes of the severance under the Retention Agreement will be based on the average annual bonus paid to you for 2024 and 2025, (ii) subject to your compliance with the Notice Requirement and provided your employment is not terminated by the Company for Cause, you will receive a full annual bonus for 2025 (which will be equal to the annual bonus paid to you for 2024 and paid in the form specified by Section 3(d)(ii) of the Retention Agreement no later than March 15, 2026), (iii) you will not be eligible to receive any bonus payment in respect of 2026, and (iv) the Benefit Continuation Period will commence on the Separation Date. A schedule of your outstanding Equity-Based Awards is attached as Exhibit B.

4.Tax Preparation Services. Subject to your compliance with the Notice Requirement, and provided your employment is not terminated by the Company for Cause, the Company agrees to provide tax preparation services for your 2025, 2026, 2027, and 2028 United States tax returns on the same terms as if you were an employee of the Company.

5.Continuing Obligations. You acknowledge and agree that, except as set forth below, you are, and will remain following the Separation Date, subject to the restrictive covenants set forth in the Retention Agreement (including Sections 4 through 8 thereof), and the Company acknowledges and agrees that these are the sole non-competition and non-solicitation covenants applicable to you and that each of the Noncompete Restriction Period and the No Hire Restriction Period will commence on the Transition Date. Notwithstanding the foregoing, subject to your compliance with the Notice Requirement, and provided your employment is not terminated by the Company for Cause, the Company agrees to waive the post-employment non-competition covenant set forth in Section 4 of the Retention Agreement, effective as of the Separation Date. You also acknowledge and agree that (i) you will be subject to the confidentiality provisions set forth in the Release, subject to and in accordance with the terms thereof, (ii) you will cooperate with the Company in accordance with, and subject to the terms of, the Release, and (iii) this Transition Agreement constitutes prior written notice, as of the date hereof, from the Company to you of termination for purposes of the Retention Agreement.

6.General Provisions; Entire Agreement. Sections 3(f) and 3(g), Sections 12 through 15, Sections 16(c) through 16(j) and Section 17 of your Retention Agreement are incorporated herein by reference, mutatis mutandis. This Transition Agreement, together with the Retention Agreement and the award agreements applicable to the Equity-Based Awards, constitutes the entire agreement of the parties related to the subject matter hereof.

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Lazard, Inc.

By:    /s/ Christian A. Weideman

Name:    Christian A. Weideman

Title:    General Counsel

By:    /Mary Ann Betsch

Date: January 29, 2026

NEW YORK, January 29, 2026 – Lazard, Inc. (NYSE: LAZ) today announced that Tracy Farr has been appointed Chief Financial Officer, effective February 1, 2026. Mr. Farr is an accomplished finance professional with 20 years of experience. This includes over a decade at Lazard where he most recently served as a Managing Director in the firm’s Capital Structure Advisory group and worked closely with executive management as a senior member of its corporate development and strategy team. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. With deep corporate finance expertise and extensive experience advising clients on complex M&A transactions, growth initiatives, and capital structure, Mr. Farr is a proven leader in aligning financial strategy with long-term growth objectives.

Mr. Farr succeeds Mary Ann Betsch, who will serve as a senior advisor to help complete the transition. Ms. Betsch joined Lazard in 2022 and has played a significant leadership role in strengthening the firm’s financial foundation and advancing its reporting and planning capabilities. Her collaborative approach to leadership and focus on team building has been instrumental in elevating and integrating our global finance function. As CFO, she guided the firm’s transition to a C-corporation and expanded shareholder engagement to help bring new, long-term investors to Lazard.

“We are excited to announce Tracy as Lazard’s Chief Financial Officer,” said Peter R. Orszag, Lazard CEO and Chairman. “Tracy brings a rare combination of strategic insight, financial rigor, and deep familiarity with our business. He embodies the best of Lazard—commercial, collegial, and committed to excellence. As CFO, he will lead efforts to improve operational efficiency, helping drive profitable growth and progress toward Lazard 2030 goals, while playing a central role in engaging with the investment community. I share my appreciation for Mary Ann and her contributions in strengthening our global finance function, which provides Tracy with a strong foundation as we advance our vision for the future.”

“It is an honor to serve as Lazard’s Chief Financial Officer and to help achieve the next phase of our long-term strategy,” said Mr. Farr. “It has been a privilege to work with Mary Ann and our talented finance professionals over the past few years. I look forward to building on their accomplishments to further align our financial strategy with firmwide priorities.”

“Our teams at Lazard have done exceptional work as we built the foundation to support Peter’s vision and the pursuit of our Lazard 2030 plan,” said Ms. Betsch. “I am proud of what we have achieved together and confident the firm is well prepared for the opportunities ahead under Tracy’s leadership.”

Today, Lazard also announced fourth quarter and full year 2025 financial results. You can read the full press release on Lazard.com.

Mr. Farr joined Lazard in 2013 and most recently served as a Managing Director in the firm’s Capital Structure Advisory group. In that role, he designed deal structures and provided financing solutions while advising Lazard’s clients on some of the most notable and complex M&A transactions. In addition, he led the firm’s separations practice and served as a member of its valuation and fairness opinion committees. His work has spanned industries and geographies, from large public-company transactions to founder-led private clients. Mr. Farr’s background includes roles in consulting, forensic accounting, and internal audit, providing him with a broad and rigorous financial foundation. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. He holds Bachelor of Science and Master of Science degrees in Accounting from Brigham Young University’s Marriott School of Business, where he also serves on its National Advisory Council.

Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.

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Media Relations

Investor Relations

Shannon Houston, +1 212-632-6880

Alexandra Deignan, +1 212-632-6886

shannon.houston@lazard.com

alexandra.deignan@lazard.com

Jessica Francisco, +1 212-632-6571

jessica.francisco@lazard.com